F L Putnam Investment Management Co

Item 5           Fees and Compensation
A. Compensation for Advisory Services

For investment management fees, clients will be billed quarterly in advance based upon the value (market value or fair market value
in the absence of market value) of the client's account at the end of the previous quarter. Advisory Fees are negotiable under certain
circumstances. We also may combine two or more portfolios with similar objectives for a single client for the purpose of computing
fees.

                                                                       F.L.PUTNAM INVESTMENT MANAGEMENT COMPANY | 8

Form ADV, Part 2A                                                                                      Return to Table of Contents

We use the following annual fee schedules in most cases.

   Investment Management and Investment Advisory Services Fee Schedule

Annually (fees paid quarterly in advance):

1.100% of the first $2,000,000 of market value, plus
0.925% of the next $3,000,000 of market value, plus
0.800% of the next $5,000,000 of market value, plus
0.600% of the balance

Any assets allocated to AOGFX are not assessed investment management fees by FLP but rather are assessed fees (including
investment management fees) by the fund itself. Clients will never be billed twice on the same assets. FLP will rebate any fees paid
in advance that are allocated to AOGFX in the quarter immediately following allocation to the fund. Because the fee we will receive
for investment management of AOGFX will be higher than the investment management fee otherwise assessed to clients for FLP’s
management of the assets of their account not allocated to the fund, FLP has a conflict of interest when we recommend AOGFX to
our clients. As in all cases, when managing assets on behalf of its clients, FLP will only make an investment in AOGFX when we
believe such investment is in the best interests of its clients and aligns with their respective investment objectives, restrictions, and
goals.

   OCIO & Advisory Institutional Client Fee Schedules

Annually (fees paid quarterly in advance):

0.880% of the first $2,000,000 of market value, plus
0.740% of the next $3,000,000 of market value, plus
0.640% of the next $5,000,000 of market value, plus

For institutions over $10,000,000
0.600% on the first $10,000,000 of market value, plus
0.500% on the next $15,000,000 of market value, plus
0.400% of the balance

   Separately Managed Account Fee Schedules

Annually (fees paid quarterly in advance):

SMA Equity Fee Schedule: 0.65% flat fee on the market value of the Account
SMA Fixed Income Fee Schedule: 0.50% flat fee on the market value of the Account
SMA Short Duration Fixed Income Fee Schedule: 0.25% flat fee on the market value of the Account

   AOGFX

Pursuant to the investment management agreement between FLP and AOGFX, FLP receives an investment management fee of
1.49% per annum, such fee being assessed by the fund and paid to FLP monthly in arrears.

                                                                          F.L.PUTNAM INVESTMENT MANAGEMENT COMPANY | 9

Form ADV, Part 2A                                                                                     Return to Table of Contents

   Financial Planning Fees

There are no additional financial planning service fees for clients meeting a specific assets-under-management threshold (currently
$750,000). FLP retains the right to waive or reduce the qualifying threshold.

Stand-alone, complete financial planning services are provided as a fixed fee. The fee for Financial Planning is:

$5,000 for clients with total assets of less than $5 million
$7,000 for clients with total assets of $5-10 million
$10,000 minimum for clients with assets over $10 million with fixed fee to be customized based on client circumstances

Many of our financial planning service agreements are for partial plans and therefore a portion of the above fee schedule. One-third
of the fee is payable on signing a financial planning agreement, one-third on completion of a data review and presentation meeting,
and the final one-third on completion of the work and delivery of services. FLP will not charge any client more than $1,200 in
advance for work that cannot be delivered in six months or less.

   FLP Atrato Consulting

FLP Atrato Consulting fees are generally assessed as an annual fee based on a fixed retainer along with certain specific due diligence
engagements that are billed on a project-by-project basis. The fixed retainer is typically negotiated based on the size and complexity
of the mandate, although they tend to be between 20-75 basis points of assets under advisement. Fees are typically invoiced and
paid quarterly in advance. FLP Atrato Consulting fees may be fixed fees, negotiated annual fees, or based on the value of assets
under advisement.

   Family Office Solutions

Fees for Family Office Solutions are tailored to the specific services agreed upon in the service agreement. Fees may be wholly or
partially based on the Investment Management and Investment Advisory fee schedules above and may include a fixed monthly
retainer. Investment Management and Investment Advisory fees based on assets under management will typically be deducted from
client accounts as described below. Fixed fees are charged monthly in advance and typically range from $10,000-40,000 per month.

B. Deduction of Advisory Fees from Client Accounts

Client portfolio assets are held by an independent bank or broker. In most client accounts, advisory fees are deducted quarterly in
advance by the custodian and paid to FLP. Clients may arrange to pay management fees from another source, in which case FLP
would bill the client directly in advance on a quarterly basis. Unless agreed otherwise, all assets held within a client’s portfolio,
including cash positions, are included in the firm’s advisory fee calculation.
...

Item 7            Types of Clients
FLP provides discretionary and non-discretionary investment management, investment advisory, and investment consulting services
to a diverse clientele that includes individuals and their families as well as foundations, endowments, secondary schools, educational
institutions, religious organizations, corporations, family offices, trusts, affiliated and non-affiliated registered investment
companies, and other investment advisers. We provide financial planning services to individuals and their families, including
professionals, business owners, and others seeking financial planning assistance.

Our minimum relationship size for discretionary investment advisory accounts combined with financial planning services is $750,000.

Our minimum account size for Equity SMA strategies is $250,000. Our minimum account size for taxable Fixed Income SMA
strategies is $300,000 and $500,000 for tax-exempt Fixed Income SMA strategies. There is also a $1,000,000 minimum account size
for the Short Duration Fixed Income SMA strategy.

Family Office Solutions are typically available to families with greater than $25,000,000 in investable assets.